BlackRock clients sell $177M worth of Bitcoin as IBIT outflows continue

BlackRock’s iShares Bitcoin Trust (IBIT) just saw clients pull roughly $177.95 million worth of Bitcoin, adding to a string of notable outflows that have defined the fund’s recent trajectory.

The redemption required BlackRock to move approximately $177 million in Bitcoin from Coinbase, which serves as custodian for the ETF. BlackRock itself isn’t dumping Bitcoin. This is clients within the ETF structure cashing out shares, which triggers the underlying asset transfers.

A pattern, not a one-off

This $177 million exit doesn’t exist in isolation. IBIT has recorded net outflows of $192 million and $285 million on select days in May alone, with total spot Bitcoin ETF outflows surpassing $600 million during the month.

For context, IBIT’s single worst day on record was back in November 2025, when outflows exceeded $500 million in a single session.